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New Bitcoin All-Time Highs, the Ethereum Hard Fork, and the Slow March to $6,000

Despite the massive run-up in price, the psychological level of $6,000 was not breached, and the BitStamp all-time high presently sits at $5,846.43. The same can be said for BitFinex’s BTC/USD pairing, which now has a new $5,920 all-time high, serving as a final pre-breakout resistance level. We have a similar situation with Kraken’s XBT/EUR pair, €5,000 was not shattered, and the all-time high is currently holding at €4,899.

Yesterday’s reversal was immensely painful for margin traders. Needless to say, altcoins have continued to crater, and have even in some cases, secured new all-time lows. The ethereum Byzantium Hard Fork has also come to pass without any issues, but the positive resolution has not had a sizable effect on the price, at least not as of yet. Bitcoin cash has oscillated around $300 in the meantime, with the price being close to $315 at the time of writing.

Ouch! The CEO of Swift just posed in front of a bitcoin mine on stage at #Sibos, followed by an image of tulips. pic.twitter.com/q4RyzCO88H

— Michael del Castillo (@DelRayMan) October 16, 2017

The bitcoin fork appears to stirring up a lot of controversy, with certain sources stating that there is practically no support for bitcoin gold. This equally applies to exchanges as well as wallets providers, and the project might be running into a few technical difficulties, which could explain the lacking support.

TLDR; #Bitcoin remains #Bitcoin even if Segwit2X hard fork is succesful, the legacy chain keeps its name. Good to see exchanges take a stand pic.twitter.com/WwlRcHaw0K

— WhalePanda (@WhalePanda) October 16, 2017

What are you doing before the #Bitcoin fork? And why?

— CryptoMillion21 (@CryptoMillion21) October 14, 2017

As to whether bitcoin is in a bubble and/or near the top, there are many conflicting opinions on the matter, although it should be obvious to anyone who has even remotely glanced at the charts.

So much fun from a top bank CEO. Bitcoin price and Jamie Dimon quotes.?? pic.twitter.com/kVTeT2B824

— Etherium (@EtheriumToken) October 13, 2017

Jamie Dimon, with his endless slurry of quotes on bitcoin, is regularly referenced across social media, and mainstream media as well, which rarely miss an opportunity to cite him for their wider audience. Regardless, hourly volume has sustained on the majority of bitcoin centric exchanges, and waiting a few more days in order to gauge overall sentiment, would probably be a wiser course of action.

Is bitcoin a bubble or the future of everything? pic.twitter.com/mDHm81wenN

— Business Insider (@businessinsider) October 6, 2017

Media news outlets in South Korea have reported that Bithumb, the world’s largest cryptocurrency exchange by trading volume, suffered a security breach that ended up affecting 30,000 users on the trading platform. Government agencies have considerably ramped up their efforts, with Seoul’s Metropolitan Police Agency and the Central Prosecutor’s Office for Advanced Criminal Investigation, leading the investigation and taking point on resolving the controversy regarding the situation.

Tweets by BithumbExchange

The previous week saw a huge 28.74% rise from bitcoin’s $4,541 weekly low, which began on October 9 (GMT 06:00). The breakout concluded at the $5,846.43 all-time high, which was realized on October 13 (GMT 03:00), thus ending the huge $1,305.21 upswing in price. Since then, trading has remained in a range between yesterday’s $5,383 daily low, and the $5,846.43 all-time high, which has not been broken thus far.

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